However, as others have pointed out, while you can fake GDP, consumption, savings rates, and productivity numbers, it is difficult to fake money supply. Printing money is, of course, a tried and true last gasp method of trying to resuscitate a failing economy.

對於中國經濟最好的資訊來源是對沖基金和爲其服務的研究機構，粉飾數據對他們沒有任何好處，他們是依賴資訊的準確性和速度來賺錢。

The best information comes from hedge funds and those who do research for the hedge fund community. That is because the most powerful force in the world is a buy signal or a sell signal. This is the true alchemy. The trader who has better and faster information, wins.

“(the) Chinese banking system has created RMB 140 trillion of broad money/deposits since January 2009. This is equivalent to US$21 trillion at today’s exchange rate. This is twice as much as aggregate broad money – equivalent to $10.5 trillion – generated by commercial and central banks in the U.S., the euro area and Japan combined since early 2009 – even amid their respective QE programs…The unprecedented new purchasing power of Chinese companies and households has been primarily due to this enormous balance sheet expansion by mainland commercial banks.”

這種財務槓杆造成了經濟發展不平衡、產能過度、甚至市場泡沫的嚴重風險：

As such, the boom in money and credit growth has produced large imbalances and excesses, if not outright bubbles.”